Weekly Property News 40th Edition 2021

50,000 lots of land and 50,000 jobs program

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 40th edition of the Property News for 2021 where real estate information is on the house.

Before we touch on the property news for the week, I would like to acknowledge the recent award our Carrums/Chelsea office received from Real Estate Institute of Victoria last week in winning the Large Residential Agency of the Year for 2021, it’s one of the most significant categories the REIV awards on and we are super proud of the team’s effort. While on the topic of acknowledgements, just this week OBrien opened its 33rd office in the Western Corridor of Melbourne in Ballarat Road Deer Park, we extend a big warm welcome to the team in Deer Park in joining our OBrien Family.

Now onto the news, Stuart Moseley the CEO for the Victorian Planning Authority released an update to the market, stating the planning minister has approved their strategic business plan for 2021/2022. The major project within the plan was the Fast-Track project which is designed to support economic recovery by delivering 50,000 lots of land and 50,000 jobs program. You’ll see streamlining of growth in major urban growth corridors being released over the coming months along with major established area projects like Arden and Preston Market which are earmarked to have their planning completed. The government also plans to create it’s 20-minute neighbourhoods in urban areas and will continue its work on the Small Lot Housing Code.

Looking at titled land released in 2020, the two western growth areas of Melton and Wyndham made up most of the new lots with 56% of lots released, with Casey/Cardinia at 19.4%, Hume/Mitchell at 13.4% and 11.3% within Whittlesea. However, the long term estimated supply of land remaining is the strongest in the City of Hume with 49 years remaining with next Melton with 38 years remaining.

On-site auctions returned to Metro Melbourne last weekend with Victoria recording a 91% clearance rate as reported by realestate.com.au which was based on 869 auction results reported, with 791 selling at auction and 69 passing in. There also a jump private treaty transactions with 1654. Across the market at OBrien last week we saw some stock levels remain subdued with 85 new listings come to market, with 88 going under offer, with 91 confirmed sales, with highest price achieved being $2.37 Million.

The main news edits for this week:

  • The Chinese economy slows, but growth is still at annual rate of 4.9% for the September quarter.
  • Aussie petrol prices hit a 13-year high.
  • And CBA released its debit and credit card spending which indicates an increase in activity with spending up 18.6% for the week ending 22 October when compared to 2019 levels.

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That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.